JAKARTA - PT Inocycle Technology Group Tbk (INOV) plans to establish another business line to boost its revenue performance. The issuer recorded loss of IDR 27.55 billion in 2023, lower than the loss it saw in 2022 of IDR 36.39 billion.

Jae Hyuk Choi, President Director of INOV, mentioned that the additional business line is meant to reinforce its financial condition in the future. “This plan is still in proposal in order to secure the shareholders’ approval in the Annual General Meeting of Shareholders on May 22,” he said in the information disclosure today (5/4).

In said meeting, there will also be a discussion regarding the change of business line, including the approval for the modification of Articles of Association.

Referring to Articles of Association as of August 24, 2021, the company manages business activities, such as non-woven fabric industry, and the manufacturing of artificial stable fibre, including polyamide, polyester, nylon, viscose, acrylic, and cellulose acetate.

After the proposal is approved by shareholders, INOV’s new business lines include non-material recovery industry, pillow manufacturing, non-wood and non-rattan furniture industry, as well as textile fibre preparation industry.

As of December 2023, INOV’s sales were recorded at IDR 600.21 billion, down 13.20% year-on-year (yoy) from IDR 691.53 billion in 2022. The highest sales contribution came from Java Island of IDR 519.68 billion, Sumatra Island of IDR 47.51 billion, and Sulawesi Island of IDR 33 billion. (LK/ZH)